GAMMA Investing LLC Raises Holdings in Associated Banc-Corp (NYSE:ASB)
GAMMA Investing LLC significantly increased its holdings in Associated Banc-Corp (NYSE:ASB) by 2,415% in Q1, owning 118,305 shares valued at approximately $26.65 million. Other investors also raised their stakes, with Quarry LP increasing by 154.3% and Covestor Ltd by 221%. Associated Banc's stock opened at $23.14, with a market cap of $3.84 billion. The bank reported Q1 earnings of $0.59 per share, exceeding estimates. A quarterly dividend of $0.23 per share was announced, with a yield of 3.98%. Analysts have set new price targets, with ratings ranging from sell to outperform.
GAMMA Investing LLC lifted its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 2,415.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 118,305 shares of the bank's stock after acquiring an additional 113,601 shares during the period. GAMMA Investing LLC owned approximately 0.07% of Associated Banc worth $26,650,000 at the end of the most recent quarter.
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Other large investors have also modified their holdings of the company. Quarry LP grew its stake in shares of Associated Banc by 154.3% during the fourth quarter. Quarry LP now owns 1,073 shares of the bank's stock worth $26,000 after acquiring an additional 651 shares during the last quarter. Covestor Ltd boosted its position in Associated Banc by 221.0% in the fourth quarter. Covestor Ltd now owns 1,499 shares of the bank's stock valued at $36,000 after buying an additional 1,032 shares during the last quarter. Versant Capital Management Inc boosted its position in Associated Banc by 385.5% in the first quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock valued at $36,000 after buying an additional 1,280 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Associated Banc by 49.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank's stock valued at $42,000 after buying an additional 579 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its position in Associated Banc by 13.1% in the fourth quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock valued at $84,000 after buying an additional 408 shares during the last quarter. Hedge funds and other institutional investors own 82.98% of the company's stock.
Associated Banc Trading Down 0.8%
Shares of NYSE:ASB opened at $23.14 on Thursday. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $28.18. The company has a market capitalization of $3.84 billion, a PE ratio of 29.29, a PEG ratio of 1.52 and a beta of 0.79. The business has a 50 day moving average of $22.02 and a two-hundred day moving average of $23.70. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61.
Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The bank reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. The company had revenue of $348.97 million during the quarter, compared to the consensus estimate of $347.86 million. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. Associated Banc's revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. As a group, analysts forecast that Associated Banc-Corp will post 2.43 EPS for the current year.
Associated Banc Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Monday, June 2nd. Associated Banc's payout ratio is 106.98%.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the company. Barclays dropped their target price on Associated Banc from $28.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Truist Financial assumed coverage on Associated Banc in a research report on Tuesday, May 13th. They issued a "hold" rating and a $26.00 target price on the stock. Wells Fargo & Company upgraded Associated Banc from an "equal weight" rating to an "overweight" rating and dropped their target price for the company from $27.00 to $26.00 in a research report on Wednesday, April 9th. Stephens dropped their target price on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research report on Friday, April 25th. Finally, Raymond James reiterated an "outperform" rating and issued a $27.00 target price on shares of Associated Banc in a research report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Associated Banc has a consensus rating of "Hold" and a consensus price target of $26.00.
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Insider Transactions at Associated Banc
In other Associated Banc news, CEO Andrew J. Harmening bought 12,910 shares of Associated Banc stock in a transaction dated Friday, May 9th. The stock was acquired at an average cost of $23.25 per share, with a total value of $300,157.50. Following the purchase, the chief executive officer now directly owns 319,269 shares in the company, valued at $7,423,004.25. This represents a 4.21% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.45% of the company's stock.
Associated Banc Company Profile
(Free Report)Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.
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